Micron Technology reported record-breaking results for fiscal Q2 2026, driven by strong demand, tight industry supply, and effective execution. The company is strategically investing in its manufacturing capabilities to meet growing customer needs in the AI era, leading to a significant increase in shareholder returns.
Record revenue of $23.86 billion, a substantial increase from the prior quarter and year-over-year.
positiveGAAP net income of $13.79 billion and diluted EPS of $12.07, demonstrating strong profitability.
positiveOperating cash flow reached $11.90 billion, significantly up from the prior quarter and year.
positiveBoard approved a 30% increase in quarterly dividend, reflecting confidence in sustained business strength.
positiveWhile revenue and margins have surged, the significant increase in capital expenditures to $5.0 billion in Q2 and $11.78 billion for the six months ended Feb 26, 2026, indicates substantial ongoing investment, which could impact near-term free cash flow generation if not matched by revenue growth.
attentionInventories increased to $8.267 billion as of Feb 26, 2026, from $8.205 billion as of Nov 27, 2025, though this is a minor increase relative to the massive revenue surge.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Cloud Memory Business Unit | N/A | — | — | — |
Core Data Center Business Unit | N/A | — | — | — |
Mobile and Client Business Unit | N/A | — | — | — |
Automotive and Embedded Business Unit | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| revenue | 33.5 billion plus plus or minus 750 million | Q3 FY2026 | — | — |
| gross_margin | approximately 81% | Q3 FY2026 | — | — |
| operating_expenses | approximately $1.4 billion | Q3 FY2026 | — | — |
| eps | 19.15 per share plus or minus 40 cents | Q3 FY2026 | — | — |
| cap_ex | above $25 billion | FY2026 | — | — |
| cap_ex | approximately $7 billion | Q3 FY2026 | — | — |
| cap_ex | increase by over $10 billion year over year | FY2027 | — | — |
| dividend | 30% increase | current | — | — |
| dividend | 15 cents per share | current | — | — |
| dram_bit_mix | majority by mid-calendar 2026 | mid-calendar 2026 | — | — |
| nang_bit_mix | majority by mid-calendar 2026 | mid-calendar 2026 | — | — |
| server_units_growth | low teens percentage range | calendar 2026 | — | — |
| server_dram_content_growth | continue to grow | calendar 2026 | — | — |
| hbm4_production | volume shipment underway | calendar year 2026 | — | — |
| hbm4e_volume_ramp | calendar 2027 | calendar 2027 | — | — |
| lpddr5x_capacity_per_cpu | 2 TB per CPU | current | — | — |
| pc_smartphone_units | decline in the low double-digits percentage range | calendar 2026 | — | — |
| flagship_smartphone_dram_mix | nearly 80% | calendar Q4 | — | — |
| automotive_l4_adas_dram | over 300GB | future | — | — |
| industry_dram_bit_shipments | low 20s percentage range | calendar 2026 | — | — |
| industry_nang_bit_shipments | approximately 20% | calendar 2026 | — | — |
| tongfu_site_shipments | fiscal 2028 | fiscal 2028 | — | — |
| idaho_fab_1_output | mid-calendar 2027 | mid-calendar 2027 | — | — |
| singapore_nand_fab_output | second half of calendar 2028 | second half of calendar 2028 | — | — |
| hbm_supply | calendar year 2027 | calendar year 2027 | — | — |
| fiscal_q2_revenue | $23.9 billion | Q2 FY2026 | — | — |
| fiscal_q2_dram_revenue | $18.8 billion | Q2 FY2026 | — | — |
| fiscal_q2_nang_revenue | $5 billion | Q2 FY2026 | — | — |
| fiscal_q2_consolidated_gross_margin | 75% | Q2 FY2026 | — | — |
| fiscal_q2_cloud_memory_business_unit_revenue | $7.7 billion | Q2 FY2026 | — | — |
| fiscal_q2_core_data_center_business_unit_revenue | $5.7 billion | Q2 FY2026 | — | — |
| fiscal_q2_mobile_client_business_unit_revenue | $7.7 billion | Q2 FY2026 | — | — |
| fiscal_q2_automotive_embedded_business_unit_revenue | $2.7 billion | Q2 FY2026 | — | — |
| fiscal_q2_operating_expenses | $1.4 billion | Q2 FY2026 | — | — |
| fiscal_q2_operating_income | $16.5 billion | Q2 FY2026 | — | — |
| fiscal_q2_taxes | $2.5 billion | Q2 FY2026 | — | — |
| fiscal_q2_non_gaap_diluted_eps | $12.20 | Q2 FY2026 | — | — |
| fiscal_q2_operating_cash_flows | $11.9 billion | Q2 FY2026 | — | — |
| fiscal_q2_capital_expenditures | $5 billion | Q2 FY2026 | — | — |
| fiscal_q2_free_cash_flow | $6.9 billion | Q2 FY2026 | — | — |
| fiscal_q2_ending_inventory | $8.3 billion | Q2 FY2026 | — | — |
| fiscal_q2_cash_investments | $16.7 billion | Q2 FY2026 | — | — |
| fiscal_q2_share_repurchases | $350 million | Q2 FY2026 | — | — |
| fiscal_q2_debt_reduction | $1.6 billion | Q2 FY2026 | — | — |
| debt | $10.1 billion | end of Q2 FY2026 | — | — |
| net_cash_balance | $6.5 billion | end of Q2 FY2026 | — | — |
| fiscal_q3_gross_margin | 81% | Q3 FY2026 | — | — |
Micron set new records across revenue, gross margin, EPS, and free cash flow in fiscal Q2, driven by a strong demand environment, tight industry supply, and our strong execution, and we expect significant records again in fiscal Q3.
In the AI era, memory has become a strategic asset for our customers, and we are investing in our global manufacturing footprint to support their growing demand.
Reflecting confidence in the sustained strength of our business, our board has approved a 30% increase in our quarterly dividend.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.